Ulta Beauty, Inc.

ULTA

Financial Statements

Income Statement (Annual)

Amounts in millions

2025

1/31/2025

Revenue

11,296

Cost of Revenue

6,908

Gross Profit

4,387

Gross Margin

38.8%

Operating Income

1,579

Operating Margin

14.0%

Net Income

1,201

Net Margin

10.6%

EPS (Basic)

$25.44

EPS (Diluted)

$25.34

EBITDA

1,847

EBITDA Margin

16.4%

2024

1/31/2024

Revenue

11,207

Cost of Revenue

6,826

Gross Profit

4,381

Gross Margin

39.1%

Operating Income

1,687

Operating Margin

15.0%

Net Income

1,291

Net Margin

11.5%

EPS (Basic)

$26.18

EPS (Diluted)

$26.03

EBITDA

1,939

EBITDA Margin

17.3%

2023

1/31/2023

Revenue

10,209

Cost of Revenue

6,164

Gross Profit

4,045

Gross Margin

39.6%

Operating Income

1,649

Operating Margin

16.2%

Net Income

1,242

Net Margin

12.2%

EPS (Basic)

$24.17

EPS (Diluted)

$24.01

EBITDA

1,885

EBITDA Margin

18.5%

2022

1/31/2022

Revenue

8,631

Cost of Revenue

5,262

Gross Profit

3,369

Gross Margin

39.0%

Operating Income

1,251

Operating Margin

14.5%

Net Income

986

Net Margin

11.4%

EPS (Basic)

$18.09

EPS (Diluted)

$17.98

EBITDA

1,566

EBITDA Margin

18.1%

2021

1/31/2021

Revenue

6,152

Cost of Revenue

4,203

Gross Profit

1,949

Gross Margin

31.7%

Operating Income

314

Operating Margin

5.1%

Net Income

176

Net Margin

2.9%

EPS (Basic)

$3.12

EPS (Diluted)

$3.11

EBITDA

535

EBITDA Margin

8.7%

Income Statement (Annual)

Financial performance (amounts in millions)

Item	2025	2024	2023	2022	2021
Revenue	11,296	11,207	10,209	8,631	6,152
Cost of Revenue	6,908	6,826	6,164	5,262	4,203
Gross Profit	4,387	4,381	4,045	3,369	1,949
Gross Margin	38.8%	39.1%	39.6%	39.0%	31.7%
Operating Income	1,579	1,687	1,649	1,251	314
Operating Margin	14.0%	15.0%	16.2%	14.5%	5.1%
Net Income	1,201	1,291	1,242	986	176
Net Margin	10.6%	11.5%	12.2%	11.4%	2.9%
EPS (Basic)	$25.44	$26.18	$24.17	$18.09	$3.12
EPS (Diluted)	$25.34	$26.03	$24.01	$17.98	$3.11
EBITDA	1,847	1,939	1,885	1,566	535
EBITDA Margin	16.4%	17.3%	18.5%	18.1%	8.7%